subject_name = Stevin Ray Hoover
date_of_birth = birth date and age|1948|10|10
charge = Securities violation (white collar crime)
penalty = 18 month federal prison sentence
status = Completed federal sentence and supervised release April, 2007
spouse = Twice Divorced
children = One daughter
Stevin Ray Hoover (born
October 10, 1948) is a former investment managerwhose reputation [Best of the Best by Peter LynchWORTH Magazine March 1998 pp. 66-74] as a registered investment advisorwas tarnished by an investigation conducted by the United States Securities and Exchange Commissionthat led to an 18-month prisonsentence in 2003. [http://pacer.pcs.uscourts.gov/cgi-bin/range.pl] In 1989, he founded Hoover Capital Management, Inc., a Boston-based investment management firm where he was CEOfrom 1989 to 2002. He also founded and ran the Chestnut Fund LP.
Stevin Hoover was born in 1948 in
Franklin, Pennsylvania, (population 7,300) located in Venango County [http://www.co.venango.pa.us/home/index.htm] in northwestern Pennsylvania. He lived in Franklin until 1966, when he left for the Millard School, a preparatory school [http://www.bandonhistoricalmuseum.org/millard/] located in Bandon, Oregon.
Hoover attended [http://www.fasd.k12.pa.us/franklinahs/ Franklin Area High School] in Franklin, Pennsylvania, and the Millard School in
Bandon, Oregon, which prepared him for entering the United States Air Force Academy, where he was a cadetfrom 1967 to 1969. He graduated from the University of Texas at Austin, where he received his BA in 1972 with concentrations in the classicsand philosophy[University of Texas at Austin transcripts (512) 475-7689] . Between 1973 and 1975, he studied German philosophy and language at the Universitaet Hamburg. He attended Boston University School of Management, where he received his MBAin 1990.
Hoover practiced an investment approach best described as "concentrated value." [THE INVESTMENT PHILOSOPHY OF HOOVER CAPITAL MANAGEMENT, As Expressed In Stevin R. Hoover's MEMOS TO CLIENTS from May 1988 to January 1996] [WORTH Magazine, March 1998; "Best of the Best" by
Peter Lynch, pp. 66-74] [Wall Street Journal, Wednesday, March 31, 1999. Heard In New England, "Buffett Dips Into MGI Again, But Now Some Pros Like His Idea."] [WORTH Magazine, February 1999; "Peter Lynch & Company" by Peter Lynch, pp. 82-92.] [WORTH Magazine, April 2000; "14 Hot Stocks From Peter Lynch and Friends" by Peter Lynch, pp.117-129.] [Securities and Exchange Commission Form ADV, Hoover Capital Management, Inc] [Company Updates, Hoover Capital Management Inc., February 1999, 67 pages.]
Before launching Hoover Capital Management in 1989, Hoover spent four years as a stockbroker in Germany, where he was a registered representative in the Hamburg, Germany, office of United States stock brokerage company
Bache & Co., known in Germany as Bache Halsey Stuart Shields Model & Roland GmbH. This was followed by 11 years as a registered representative in Bache's Boston office. Bache & Co was acquired by Prudential Financialin 1981 and became known as Prudential Bache Securities, Inc., later renamed simply Prudential Securities, Inc. Wachoviaacquired Prudential Securities, Inc., in 2003.
EC Investigation and Criminal Matters
The Boston office of the
Securities and Exchange Commission(SEC) began investigating Hoover in 1998. The SEC filed civil charges against HCM and Hoover on May 2, 2001. [ [http://www.sec.gov/litigation/litreleases/lr16983.htm lr16983 ] ] On November 19, 2001, the SEC filed for a restraining order and asset freeze. [ [http://www.sec.gov/litigation/litreleases/lr17240.htm Stevin R. Hoover and Hoover Capital Management, Inc.: Lit. Rel. No. 17240 / November 19, 2001 ] ] On April 24, 2002, the SEC added Chestnut Management LLC, manager of the Chestnut Fund LP, as a defendant and alleged additional charges. [ [http://www.sec.gov/litigation/litreleases/lr17487.htm Hoover and Hoover Capital Management, Inc.: Lit. Rel. No. 17487 / April 24, 2002 ] ]
By July 2002, Hoover's reputation was irretrievably damaged by the SEC's litigation releases and pending criminal charges. Therefore, he accepted a
plea bargainoffered by the Boston U.S. Attorney's Office. As part of this arrangement, he entered a guilty pleaon August 7, 2002, before Federal Judge [http://www.fjc.gov.servlet/tGetInfo?jid=2643 Woodlock, Douglas Preston] of the United States District Court for the District of Massachusetts to one count of violating Section 206 of the Investment Advisors Act of 1940. On October 31, 2002, he was sentenced to eighteen months in a federal minimum security prison-camp facility in Pensacola, Florida [http://www.bop.gov/locations/institutions/pen/index.jsp] , plus three years of supervised release. In April 2007, Hoover completed both the federal prison sentence and the required supervised release [United States Probation Office release letter dated May 2, 2007, announcing termination of Hoover's supervised release as of April 21, 2007.]
Prior to his
white collar crimeconviction and permanent bar from the investment management business, Hoover had a 26-year history in the investment business devoid of any legal or regulatory taint. [http://www.sec.gov/news/digest/08-08.txt]
Current Activities (May 2008)
As of May 2008, Hoover resided in Ponte Vedra Beach [http://www.pontevedrachamber.org] , Florida, a small town located on the northeast Atlantic coast of Florida south of Jacksonville Beach. Ponte Vedra Beach is best known as being the location of the Players Golf Championship at Sawgrass [http://www.tpc.com/sawgrass] , the annual U.S. golf tournament with the largest purse on the
Professional Golfers Associationtour. In October 2007 Hoover began regular postings to a blog in his name [http://www.stevin-hoover.com] , and the blog was active as of May 2008.
* [http://www.sec.gov/news/digest/08-08.txt| SEC Press Release]
* [http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&LastName=Hoover&Middle=&FirstName=Stevin&Race=W&Sex=M&Age=59&x=31&y=24 Federal Bureau of Prisons Stevin Hoover]
* [http://www.discoveringjustice.org/courthouse/woodlock.shtml Judge Douglas P. Woodlock and the John Joseph Moakley United States Courthouse]
* [http://www.stevin-hoover.com Stevin Hoover blog]
* [http://www.bikramyoga.com Bikram Yoga main website ]
* [http://www.bikramyogajax.com/community/hoover.htm Bikram Yoga Jacksonville Beach, Yoga Article by Stevin Hoover]
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